@@DavidGonzalez-ff6ykJust because you see development doesn't mean the country is developed though. You also have to factor the average Chinese person lives well below the average person in a fully developed western country. I believe China is the 74th richest country on earth GDP per capita. All major western developed countries have a far greater standard of living. If China had the GDP per capita of western countries you would see crazy amounts of development for all those people that can now afford homes, cars, properties etc.
@@DavidGonzalez-ff6yk You are comparing China to one of the worse developed countries around which says something. It goes beyond just PPP though, its also about government social programs, access to clean water, safety, happiness, job opportunities etc.. Most Chinese people make a low income and l have less desirable living conditions. Sure in the big cities you see some Chinese wealth here and there. This is why we call China a developing country. China is on the raise no question about it but they have a long way to go before westerners envy easterners standard of living.
@小熊维尼China is fighting to be the world most powerful country and the USA see this as a threat to its power. I will admit China will probably in the long term win this fight with the USA. But it will not happen without a fight.
@@DavidGonzalez-ff6yk I mean Saudi Arabia is really a developed country but will never become a 1st world nation because on how the country treats its people especially the UAE were they literally have slaves on the streets
China is the second biggest economy only on paper. In reality, it’s been the largest for years. China is also now the largest consumer market in the world and the largest trading nation, total imports and exports per year being equivalent to Japan’s gdp, which is the third largest. China’s industrial output is more than US, Japan, Germany (4th largest economy) combined. China actually accounts for 40% of global spending on luxury goods. Chinese international tourists also account for majority of global tourism income. That’s why Chinese New Year has become a great deal. And that’s why Biden and Harris have to extend greetings even though Sino-US relation is at its lowest point.
So, it seems the impact is very important on a micro-economic level (trade with China, and you should be prepared). But, not so much impact on a macroeconomic level (no lasting damage / competitive advantage / disadvantage).
Btw, all the infrastructures, such as roads, trains, bridges, tunnels etc in the US are also fully funded by Federal(Central)government and each state to pick up the rest or not. Amtrak train is fully owned and operated by US Federal government, just like US Post Office!
@@drewh3224 I think the channel should add humour to its videos since people's attention span is short especially when talking about economics... Good example of a channel is economics explained who can make videos who makes silly jokes sometimes and also implement systems that are use to make the content interesting to watch like the economic leaderboard
Chinese economy will always remain vibrant because of the state role which ensures a fair share of wealth that generated by hard work among its people.
Interesting topic! I'm wondering though .. don't some of the international impacts mentioned here cancel out with other holidays? Chinese exports take a hit then ... but catch up during Christmas... similar for tourism..?
Great point! I got the impression that China's factory of the world status made the impacts asymmetrical. Interesting to see how and in what ways the short term macro economics impacts develop as China expands!
@@AltSimplified yeah could be... But, I'm wondering don't warehouses in e.g. the West anticipate this change? Meaning that you would see a drop in exports during this time in the stats.. but slightly more before and after?
@@golabdurrahman660 PPP is better at determining the living standard of a country, it is more of a per capita calculation, where nominal only really represents when you sell and not consume, and thus nominal only really represents the wealth of the wealthy.
@@SirValiantKnight China doesn't work in that way, prices aren't as uniform, most production is done locally, so locally sourced goods are always cheaper in China, for instance, look at the average income in Shanghai and the average cost of living, now look at that for Beijing, now look for that of a rural town in Hainan Province, you will see the difference, 3 very very different locations, China's economy is about its people, not the wealthy 1% that makeup majority of other people's economy. For this reason, PPP is better
Cool video thanks for showing it the only way possible in natural nature and also in domestic ways the the only way that it can grow is that you have migration the lion that they display China is a very very very tame lion the dragon also is a very very very very tame dragon in domestic world and also in natural world such as Wildlife they must move about and because if they don't disease and also laziness will creep in corruption if each country state places well allow migration in a orderly fashion happen we won't experience such things as disease corruption and folly thanks for the video appreciate it God bless everybody amen.
Thanks for watching! ❤️ You can subscribe and see all our videos here 👍 ruclips.net/user/AltSimplified
Please include english subtitles 🙏
after all of this China is a still a developing country.. just think about when china will become fully develop...!!!
@@DavidGonzalez-ff6ykJust because you see development doesn't mean the country is developed though. You also have to factor the average Chinese person lives well below the average person in a fully developed western country. I believe China is the 74th richest country on earth GDP per capita. All major western developed countries have a far greater standard of living. If China had the GDP per capita of western countries you would see crazy amounts of development for all those people that can now afford homes, cars, properties etc.
@@DavidGonzalez-ff6yk You are comparing China to one of the worse developed countries around which says something. It goes beyond just PPP though, its also about government social programs, access to clean water, safety, happiness, job opportunities etc.. Most Chinese people make a low income and l have less desirable living conditions. Sure in the big cities you see some Chinese wealth here and there. This is why we call China a developing country. China is on the raise no question about it but they have a long way to go before westerners envy easterners standard of living.
@小熊维尼China is fighting to be the world most powerful country and the USA see this as a threat to its power. I will admit China will probably in the long term win this fight with the USA. But it will not happen without a fight.
@@DavidGonzalez-ff6yk I mean Saudi Arabia is really a developed country but will never become a 1st world nation because on how the country treats its people especially the UAE were they literally have slaves on the streets
China is the second biggest economy only on paper. In reality, it’s been the largest for years. China is also now the largest consumer market in the world and the largest trading nation, total imports and exports per year being equivalent to Japan’s gdp, which is the third largest. China’s industrial output is more than US, Japan, Germany (4th largest economy) combined. China actually accounts for 40% of global spending on luxury goods. Chinese international tourists also account for majority of global tourism income. That’s why Chinese New Year has become a great deal. And that’s why Biden and Harris have to extend greetings even though Sino-US relation is at its lowest point.
Whoa cool!!!
Lord Lee. Spotted on perfectly 👍 from the distortions and lies. Thank you!
@小熊维尼 cool story bro.
agree..
China economy will collapse next year due to the pandemic and the trade war..
no no no no . india is the most super duper rich , futuristic, cleanest country in the world they number 1
So, it seems the impact is very important on a micro-economic level (trade with China, and you should be prepared). But, not so much impact on a macroeconomic level (no lasting damage / competitive advantage / disadvantage).
Btw, all the infrastructures, such as roads, trains, bridges, tunnels etc in the US are also fully funded by Federal(Central)government and each state to pick up the rest or not. Amtrak train is fully owned and operated by US Federal government, just like US Post Office!
True
Incorrect. Amtrak is privatized.
This channel is so underrated
@@drewh3224 I think the channel should add humour to its videos since people's attention span is short especially when talking about economics... Good example of a channel is economics explained who can make videos who makes silly jokes sometimes and also implement systems that are use to make the content interesting to watch like the economic leaderboard
@@drewh3224 could you provide a sourced example?
Hppy Chinese New Year! May Chinese new year bring peace and prosperity in the the whole world!❤
Chinese economy will always remain vibrant because of the state role which ensures a fair share of wealth that generated by hard work among its people.
Happy Chinese New Year! We usually spend Chinese New Year catching up with extended family and eating reunion dinner together.
People: Happy CNY!
Economics AltSimplified: this is how much money is affected by the CNY
Haha, like the matrix but instead of 1s and 0s it's $$$$s!
Interesting topic! I'm wondering though .. don't some of the international impacts mentioned here cancel out with other holidays? Chinese exports take a hit then ... but catch up during Christmas... similar for tourism..?
Great point! I got the impression that China's factory of the world status made the impacts asymmetrical. Interesting to see how and in what ways the short term macro economics impacts develop as China expands!
@@AltSimplified yeah could be... But, I'm wondering don't warehouses in e.g. the West anticipate this change? Meaning that you would see a drop in exports during this time in the stats.. but slightly more before and after?
Love your work!
Thank you! Cheers!
Domestic consumption has been huge indeed. Great upload
Great content. Can you do a video about egypt's economy please.
*largest economy, PPP is much more accurate for modeling GDP than nominal
Why PPP is more accurate than nominal ?
@@golabdurrahman660 PPP is better at determining the living standard of a country, it is more of a per capita calculation, where nominal only really represents when you sell and not consume, and thus nominal only really represents the wealth of the wealthy.
@@ohhah1255 ok thanks for the info
@@ohhah1255 living standards only at per capita level. at national level, nominal is more accurate
@@SirValiantKnight China doesn't work in that way, prices aren't as uniform, most production is done locally, so locally sourced goods are always cheaper in China, for instance, look at the average income in Shanghai and the average cost of living, now look at that for Beijing, now look for that of a rural town in Hainan Province, you will see the difference, 3 very very different locations, China's economy is about its people, not the wealthy 1% that makeup majority of other people's economy. For this reason, PPP is better
LOVE FROM BANGLADESH
WOW so many salty jealous comments lol
The more successful you are the more jealous haters you get !!!!
ASEAN countries people are really hardworking and has good knowledge in technology ,so they wont fall off after that europe countries are best
Cool video thanks for showing it the only way possible in natural nature and also in domestic ways the the only way that it can grow is that you have migration the lion that they display China is a very very very tame lion the dragon also is a very very very very tame dragon in domestic world and also in natural world such as Wildlife they must move about and because if they don't disease and also laziness will creep in corruption if each country state places well allow migration in a orderly fashion happen we won't experience such things as disease corruption and folly thanks for the video appreciate it God bless everybody amen.
This year no large migration
Amazing country friendly people
5:10 "what happens in China rarely stays in China" *coughs in COVID19*
Haha I was wondering when someone would find the Easter egg!
Koreans and viet: DISLIKE
Put some subtittles
Hoping to get these done tomorrow 👍
🔥
Do you remember my prediction?
Can't say I do!?
@@AltSimplified bruh see your previous video that you heart my comment! Anyways this was a nice and excellent video 😊
Great video mate!👌
Cheers mate
Make a video about Estonia
Your pronunciation is 80% correct, great work haha
Thanks! I'll take that 👍
Interesting
Good job,keep it up 🙌🏻
Thank you 🙌
Brilliant presentation, as always 👍👍👍
Thank you! Feel free to check out the Discord Server after next Saturday's upload for another live discussion 👍
Are you sure?
Do you have any idea where EE is?
Straya!?
Hanging out with emus?
yooohoooo
4th
Where are you from, sir?
You are with talking very easliy comprehensive English (for me, non-native English speaker of Slavic background).
I'm guessing UK.
Plague island, formerly known as the UK 🇬🇧
@@AltSimplified Ah, thx.
But UK is large and general area. England? Scotland? Ireland? Wales?
World's largest covid19 migration